L&G taps Moneyhub to power its Qualifying Pensions Dashboard Service

By Gloria Methri

Legal & General (L&G), the UK’s DC pensions provider, has appointed Moneyhub, the Open Finance firm, as its Qualifying Pensions Dashboard Service technology provider.

The two firms will partner on a new Pensions Dashboard, allowing L&G pension scheme members to find and view all their pension data in one place. The partnership will harness the latest technology to create a dashboard that will capture pension savings products across each member’s employment history as soon as the Regulator permits it.

Both firms have been collaborating with the UK Government on its central Pensions Dashboards Programme (PDP). The dashboard will form a core part of L&G’s digital suite of services, with a formal launch expected following confirmation of the DAP. The solution will complement L&G’s broader digital pensions ecosystem, including the firm’s new mobile app leveraging Moneyhub’s Open Finance technology.

Commenting on the new partnership, Bernie Hickman, CEO of Legal & General Retail, said, “Our partnership with Moneyhub is another investment in leading-edge technology and offers an exciting opportunity to help us deliver the best long-term retirement outcomes for pension savers.  This partnership is about harnessing the power of technology to deliver positive change, get more people to engage with their savings and ultimately create a better retirement. From small pots to lost pensions, retirement planning today can be complex and confusing for many people, but leveraging this Open Finance technology will put the ability to understand and engage with pensions in the palm of savers’ hands.”

Samantha Seaton, CEO of Moneyhub, said, “We are delighted to be working with L&G on its pension dashboard alongside its wider open finance offering. Dashboards are so overdue, given auto enrolment commenced over a decade ago, with people in the UK now having, on average, 11 jobs over their working life – which means 11 pension pots to stay on top of. The way people interact with and understand their pensions will be transformed by dashboards and, therefore, ensure better financial outcomes for millions of savers. But pensions are only one piece of the financial puzzle – it’s fantastic to be working with such a major provider of pensions savings who recognise the importance of engaging members in a holistic context.”